Sunday, September 21, 2014
Inquirer Daily News

FTC: Bucks builder settles suit over ads for mortgage deals

A screen grab from Heritage Homes Group´s web site.
A screen grab from Heritage Homes Group's web site.

Headlined with the phrase "Zip, Zero, Nada," Heritage Homes Group pitched mortgage deals on the Web, in newspapers, and by direct mail, according to the Federal Trade Commission.

The FTC said Tuesday that the Jamison, Bucks County, homebuilder had settled a lawsuit accusing it of deceiving consumers into believing they could finance homes without a down payment or closing costs.

Instead, the agency said, borrowers owed a "good faith deposit," settlement costs, and an annual fee.

The settlement also imposed a $650,000 civil penalty on Heritage and four affiliates, but the FTC said it was "suspended because of the operation's poor financial condition." - Jeff Gelles

More coverage
  • Mortgages too risky, 20 percent of consumers say
  • Mailing errors cause problems for $347M pool of home loans
  • Business Videos:
    Also on Philly.com:
    Stay Connected